is it an awful environment? maybe it isn't. >> actually it starts with endowment funds thinking about the long term. and when we look at the long term, i would say we're more optimistic, particularly about the u.s., than the current kind of thatter. a lot of secular things going on that make the u.s. look like a better place to invest for employer issues such as the shale oil, shale gas. >> right. >> issues such as better competitiveness with china. and so we're optimistic about the long-term. we have to get over this short-term problem, and i think -- >> do you advise clients -- you've put money with cliff for example. he used to be a private equity guy. what is your split between how you see private equity and how you see the world hedge fund? >> we continue to be a big proponent of private equity. if you look among our clients we typically have something like 8% to 10% in private equity and another 5% or 6% in venture. we're big proponents of that. what we liked about what cliff has done is they've taken a pr